Bermuda-based Mosaic Insurance has increased the capacity for its political risk coverage to $30m and expanded its funding limit to promote green financing in developing countries.
Both initiatives reflect the company’s commitment to the industry’s sustainable finance efforts, especially those involving green-energy projects that help emerging countries, which were affected by post-pandemic economic and geo-political disturbances.
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Mosaic used its Lloyd’s Syndicate 1609 and trade-partner capital via its syndicated management programme to bolster its line size capacity from $15m to $30m for each political risk.
It also extended the loan coverage term from ten to 15 years for political-risk insureds, including multilateral and development banks owned by the state.
Sustainable finance and green investments have been gradually increasing after the adoption of the United Nations 2030 Agenda for Sustainable Development and the 2015 Paris Agreement on Climate Change.
Mosaic political risk head Finn McGuirk said: “This is an essential step allowing us to match the market’s appetite for longer-tenor projects and sustainable finance around meaningful infrastructure schemes.
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By GlobalData“We’re seeing an increase in these types of loans using blended finance tools and innovative products like ‘blue bonds’ that generate funding for marine ecosystems—it’s a win-win for low-income countries and supports their long-term economic stability.”
The speciality insurer currently has political risk underwriters across its offices in London, UK; Dubai, UAE; and New York, US.
Mosaic underwriter political risk vice-president Natalya Tyson said: “In recent years, the world economy has suffered successive crises—from rising interest rates and food insecurity to deglobalisation.
“Developing countries have been impacted disproportionately as their debt levels rise, making it harder to invest in recovery.”
